BitCheck is a digital escrow solution that facilitates transactions between verified users by holding funds until predefined conditions are met. It is designed to reduce counterparty risk and provides a secure environment against fraud, illegal activities, and scams.
Before using BitCheck, please ensure you are registered on XREX Pay and have completed the identity verification process.
BitChecks can be released directly by the sender, released upon mutual confirmation by both parties, or canceled only when both parties agree. These actions can typically be completed within minutes on XREX Pay.
How does BitCheck work?
BitCheck enables you to transfer supported assets (currently USD, USDC, and USDT) to another verified XREX Pay user under escrow conditions.
Both parties should clearly agree, off-platform or through appropriate documentation, on the terms and conditions of the transaction (e.g., goods/services, delivery conditions, timelines, and release conditions).
Once both parties have agreed on the transaction terms, the sender can enter the BitCheck page, select “BitCheck”, enter the user ID, or select the recipient in the Contacts.
After filling in your preferred amount and currency, click “Confirm” to initiate the Escrowed BitCheck.
Upon confirmation, the specified funds are placed into escrow within the platform. During this period, the funds are held by XREX in accordance with its safeguarding and operational controls.
The parties proceed to fulfil their respective obligations. Users are responsible for conducting appropriate due diligence and verifying performance (e.g., confirming delivery of goods or services). XREX does not independently verify the underlying transaction.
For goods-related transactions, the sender should only approve the release of escrowed funds after confirming receipt of the goods or upon obtaining satisfactory proof of delivery, ensuring that the agreed terms have been fulfilled.
Once the receiver has met their obligations, they may submit a release request to the sender for approval.
Upon the sender’s approval, the escrowed funds will be released to the receiver, and the transaction will be considered completed.
To learn more about XREX Pay, please visit our official website.
Disclaimer
Please note that XREX is committed to complying with all applicable regulatory requirements. The type and scope of services provided may vary depending on the jurisdiction where you are located and the relevant regulations for that jurisdiction.